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2022 (4) TMI 1473 - HC - Money LaunderingSeeking grant of bail - fraudulent transaction of transfer of the two units of Mack Star in Kaledonia Building to M/s Viva Holdings without payment of consideration - HELD THAT:- It may be mentioned that primary allegations are about the alleged conspiracy between the officials of Yes Bank and the officials of HDIL of misuse of loans given by Yes bank during the period from 2011 to 2016. The role of the applicant, if any, is subsequent to the two agreements dated 29.06.2017. At the cost of repetition, it is necessary to emphasise that the only role is that the applicant “knowingly ignored” the non-encashment of the cheques by Mack Star. The other two allegations are about furnishing of an incorrect address and the deletion of the data from the mobile phone and the sale of laptop in order to destroy evidence. In this case, the Investigating Agency did not arrest Sarang Wadhaawan and as a result thereof, Sarang Wadhawan could secure bail from the Special Court by order dated 07.04.2022. The investigation qua the applicant is complete. The necessary seizure of the documents have been made. The two units have been attached. Thus, there are no justification to detain the applicant behind bar pending trial which may take some time for its conclusion. The Applicant be released on bail on execution of a PR Bond in the sum of ₹ 1,00,000/- with one or two solvent sureties in the like amount to the satisfaction of the Special Court - application allowed.
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